The Portland daily press., 1887-03-18
In Board: ofcommon Council.

Absent, Mr.. Spring.
The president announced his committees
and they will be found elsewhere.
Papers from the Upper Board received
concurrent action.
SINKING FUND ORDINANCE.
When the ordinance in relation to the
sinking fund came down from the Upper
Board to be ordained, Mr.. Trefethen object
co to that portion which excepted all pre-
miums received from the sale of city notes.
etc. Mr.. Trefethen said he had no objection
to excepting from the sinking fund the
amounts received from sewer assessments.
because he believed in doing anything that
was for the benefit of the city's health. He
did, however, object to the part relating to
the excepting of these premiums on the
bonds, if, as he thought, they were to be
used for what he should consider speculative
purposes. He was a member of the late Cit,
Government when the question came up OF
issuing new series of bonds to refund the
city debt The idea we then had was thai
1t was better to put the bonds at a lower
rate Of interest, and save money to the tax
payers, instead of getting premium with q
hlgher rate OF interest. A large premium
these bonds and he wanted it to 20 into the
sinking fund and help reduce the city debt.
and not be diverted for outside municipal
purposes.
Mr. Kent wanted more light, and asked
the president If he would furnish it,
The president thought by the reading of
the ordinance the money received from the
premiums onsthe bonds could be used for
municipal purposes.
!, Mr.. Abbott thought the intention to carry
through the extension of High street w0nld
require money on the part of the citv IN
buy up the nnisances on the line. and inns
improve the health of the city, as well as to
beautify it. He was confident that to use
money for such purposes would not be oh
1ected to by our citizens.
Mr.. MCGOWAN did not believe the money
should be used to extend any street II
ought to 60 for legitimate purposes. He
moved to lay the ordinance on the table until
next MONTH
Mr.. Dewey wanted more light ON the sinh
Ject He understood the ordinance must he
acted ON as far as the sewer assessment sec
tons were concerned, before April LIST. He
asked that the Mayor be sent for and as Mr..
McGowan did not wish to act peremptorily
in the matter, that gentleman withdrew his
motion.
The Mayor appeared and stated the posi-
ton OF affairs. lie said the feeling existed
as was natural, that instead of putting all
the sewer assessment into the sinking fund
Az nou uSeOcl NC uSeu lOT sewers That were
actually needed. He explained how the
money, received as premiums on the bonds
could be used for the extension of High
street and the increased value of the prop
erty would return the money expended to
the city. As far as the second part of the
ordinance was concerned there was no hurry
An ordinance can be amended at any time
The council could pass the ordinance to-
night and amend it tomorrow night, but by
passing it tonight the first section could be
made available.
After the Mayor had concluded Mr.. Ire
fethen thought we had better wait till the
street was laid out before the money was
arranged for to pay for it. If we passed the
ordinance he didn't believe the aldermen
could be induced to make any amendments
by calling 1t up again. He didn't believe in
amending ordinances when they were as
good as the present
Mr. Kent thought the gentleman showed
undue uneaslness. The street had got to be
built before it was paid for.
MI McGowan didn't believe in tinkerng
ordinances
. Mr. Dewey agreed with Mr. Trefethen as
lal as tne sewer assessment was concerned
anu ne believed in striking out the section in
toavlSn u 70 the bond premiums, but it
WouIu require the making of another Ordi-
nance 10 enact the first section. and IL was
necessary TO pass that section before AnriI
ISL ne could see no objection To nassiny tha
ordinance to be enacted then and amend II
afterwards. 1t does not follow that nv the
ordinance the premium obtained from Az
bonds must go for the extension of IIinb
street. We have bonds for sale op7n
once IN a number OF years. The sewer